401K and a Roth (income, savings, employee, year)

[caco54]

I am 64 and semi retired. I have a part time job where I will make $7,000 this year. The company I work for has a 401k with a match. If I plow the full $7,000 of income into the 401K can I take money from my savings and still put $6,500 into a Roth?

[mathjak107]

yes

[Petunia 100]

Originally Posted by caco54

I am 64 and semi retired. I have a part time job where I will make $7,000 this year. The company I work for has a 401k with a match. If I plow the full $7,000 of income into the 401K can I take money from my savings and still put $6,500 into a Roth?

If it is a traditional 401k, contributions are deducted from box 1 (taxable income) of your W-2. You cannot contribute more than the amount in box 1 to an IRA.

If it is a Roth 401k, yep, you can still fund your Roth IRA.

https://www.irs.gov/retirement-plans...ibution-limits

For 2015, 2016, 2017 and 2018, your total contributions to all of your traditional and Roth IRAs cannot be more than:

$5,500 ($6,500 if you’re age 50 or older), or
your taxable compensation for the year, if your compensation was less than this dollar limit.